Holding senior positions on the board of eight different companies in 20 industries is Randal Nardone – CEO of Fortress Investment Group.In terms of education, Randal went to the University of Connecticut where he earned his bachelor’s degree in science, he also attended the Boston University School of Law which is where his J.D degree came from.His career at fortress investment group began with the company’s birth in 1998. He co-founded the company and served in different capacities, culminating in his appointment in 2011 as interim CEO as Dan Mudd was forced to take a leave of absence. He was named CEO substantively in 2013 and has held the position till date.Randal Nardone is no newbie on the block. His sterling career has seen him hold a number of different positions in different organizations before his time at Fortress Investment Group began. He previously worked at Swiss banking giants UBS as a managing director between May 1997 and May 1998; before that, however, he spent time at BlackRock Financial Management, Inc as a principal director.
Prior to that episode too, he was employed at the law firm of Thatcher Proffitt and Wood where he was both a partner and member of the executive committee.In 2007, when FIG went public, he was named on the list of Forbes world billionaires, coming in at a modest 557th position. The public listing made a number of billionaires at that time, with the media naming them “the Fortress five”.Apart from his CEO position at Fortress Investment group, Randal Nardone also serves on the board of companies like Springleaf Financial Holdings, LLC; Eurocastle Investment Limited; Alea Group Holdings Bermuda Ltd; Florida East Coast Holdings Corporation; Fortress Credit Corporation; Springleaf Finance Inc; and a handful of others. His years of experience is seen as an obvious advantage to these companies.
In recent news, Fortress Investment Group was acquired in December by the Softbank Group. The acquisition is set to keep management and organizational structures intact. The company’s hierarchy announced that it will continue to operate within Softbank as an independent company with its headquarters remaining in New York City.Randal Nardone and the Fortress hierarchy have said repeatedly that the acquisition was made out of a bid to make Fortress a major competitor in the market and the consolidate Softbank Group’s team strength.Randal had announced in 2015 that Fortress investment group may have been undervalued and as such took steps to correct that. The acquisition in 2017 was made at a rate of over $8 per share, a figure which is lower than when the firm went public but higher than the trading price as at the time of the sale.